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Part $1$

What cash payment is equivalent to making payments of $$$$1407\mathrm{.}00$ at the end of every year for $5$ years if interest is $11\%$ per annum compounded monthly question mark

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Part $1$

The cash payment is $$$

$$

enter your response here.

$($Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as$$ needed.$)$